Handle, You are exactly right on Yellon. It is very interesting how the first move is invariably a false move no matter what report is out. It is fun to watch the oil inventory report on Wednesday mornings and all the gyrations that creates. Incidentally, we had a couple of phone conversations a few years back and although I don't post much, I do appreciate all your thoughtful comments on this site and your sincere desire to help other traders.
No. He could have stopped at pointing out sole price action. But no, he continued on with a rant about "its a nifty racket" and how the whole world was conspiring against him.
Tim, you are spot on and I hear you. Mark Douglas finally got through to me that we traders are fully responsible for our decisions to enter and exit. That said we small guys have to understand that there is measure of trickery played on us and we must be aware that it is real and it does exist. I did not trade this as it did take me many, many years to learn that I could not profit on the very small time frames like the 5 min. I salute those who can do it, but the noise just whipsawed me. I was just having a bit of fun to throw this chart out there and illustrate how I used to trade.
I watched the video. Thanks for sharing. Interesting that one guy commented that a trader is "ancient" at age 40 and is too old to keep up. I am 72 but I am having fun. Those guys did not look like they were having fun at all.
Agreed. Illini Trader made an insightful post. If only we had numerous threads with charts, patterns and the psychology at work during those chart patterns. Instead, we have a brigade of loons that repeat the same bullshit ad nauseum.
The work environment these traders are in and the huge positions they deal with on behalf of their bank or fund really puts the stress on, even though it's not their money. I think doing this as a private trader is completely different, and it's a type of game where experience really counts. H.
If someone is stopped out on a lousy 10 pip move .... their stop is too freakin tight!!! Unless they are one of the many genius pajama scalpers (in a trending market) the rest of us take the opposite side - than that explains all.